风险投资对创业板市场的IPO市场效应影响研究

发布时间：2018-05-28 06:39

本文选题：风险投资 + 创业板　；参考：《重庆工商大学》2017年硕士论文

【摘要】：作为创新创业企业IPO的主要市场,中小板市场和创业板市场的推出,让风险投资的退出渠道得到很大的改善,风险投资进入了高速发展时期。本文试图从理论上分析风险投资对IPO过程中承销商定价的作用机理,以及由风险投资参与带来的二级市场抑价率影响。然后通过对创业板数据检验,探究风险投资给创业板IPO企业带来的市场效应。本文通过构建四方主体的动态博弈模型,分析风险投资对企业IPO的作用机理,并分析由此带来的IPO抑价率影响。理论分析的结论为:(1)风险投资的声誉会影响企业IPO时的发行价格,相比低声誉VC背景企业,高声誉VC背景企业的定价应该更高;(2)风险投资的参与会影响企业IPO时的发行价格,相比无VC背景企业,有VC背景企业的定价应该更高;(3)由于风险投资的监督和认证效应,风险投资的参与可以显著降低优质企业的抑价率,不会影响劣质企业的抑价率。实证部分选取了2009年10月至2015年12月在创业板市场上市的491家上市公司作为研究样本。通过查看首发招股说明书和投中集团的中国投资年会的相关数据,确定了291家VC背景企业和200家无VC背景企业,通过差异分析和多元回归分析,对风险投资的IPO市场效应进行了验证。研究结果表明,第一,有VC背景的企业会吸引更高声誉的中介机构,验证了认证效应和市场力量效应,风险投资的参与对发行费率的影响并不显著,可以通过中介机构声誉间接影响发行费率;第二,风险投资的声誉能够显著影响企业的发行市盈率,高声誉VC背景企业可以获得更高的定价;第三,有VC背景的企业在IPO前后的经营业绩更好,但是在企业成功上市后,这种优势逐渐丧失,差距逐渐缩小。风险投资的监督效应得到检验,逆向选择效应未得到证实;第四,风险投资的IPO市场效应在二级市场上的表现并不明显,风险投资的参与对机构投资者和成交量换手率的影响都不显著,风险投资的参与并不能显著影响企业的IPO抑价率,说明我国IPO的高抑价现象主要是由于二级市场投资者的投资热情拉高了首日收盘价导致的,一级市场的定价偏低并不是该现象出现的主要原因。文章的最后在总结本文研究成果的基础上,分别从促进风险投资发展、投资者理性投资和创业板市场发展三个方面提出发展建议。
[Abstract]:As the main market of IPO, the introduction of small and medium-sized market and gem market has greatly improved the exit channel of venture capital, and venture capital has entered a period of rapid development. This paper attempts to theoretically analyze the mechanism of underwriter pricing in the process of IPO by venture capital and the influence of secondary market underpricing caused by venture capital participation. Then, through the data test of gem, the paper explores the market effect of venture capital on gem IPO enterprises. This paper analyzes the mechanism of venture capital on enterprise IPO and the influence of IPO underpricing rate by constructing the dynamic game model of quadripartite main body. The conclusion of theoretical analysis is that the reputation of venture capital will affect the issuing price of IPO, and the pricing of high reputation VC background should be higher than that of low reputation VC background.) the participation of venture capital will affect the issuing price of IPO. Compared with enterprises with no VC background, the pricing of enterprises with VC background should be higher than that of enterprises with VC background. Because of the supervision and certification effect of venture capital, the participation of venture capital can significantly reduce the underpricing rate of high-quality enterprises, and will not affect the underpricing rate of inferior enterprises. The empirical part selects 491 listed companies listed in gem from October 2009 to December 2015 as the research sample. By looking at the prospectus of the initial public offering and the relevant data of the China Investment Conference of the China Investment Group, 291 VC background enterprises and 200 non-VC backed enterprises were determined, and the difference analysis and multiple regression analysis were used. The IPO market effect of venture capital is verified. The results show that, first, enterprises with VC background will attract more reputable intermediaries, which verifies the certification effect and market power effect, and the participation of venture capital has no significant impact on the issue rate. It can influence the issuing rate indirectly through the reputation of the intermediary; second, the reputation of venture capital can significantly affect the price-earnings ratio of the enterprise, and the high reputation VC background enterprises can obtain higher pricing; third, The enterprises with VC background have better operating performance before and after IPO, but after the successful listing, this advantage is gradually lost and the gap is gradually narrowed. The supervision effect of venture capital has been tested, and the adverse selection effect has not been proved. Fourthly, the IPO market effect of venture capital is not obvious in the secondary market. The participation of venture capital has no significant influence on institutional investors and turnover, but the participation of venture capital can not significantly affect the IPO underpricing rate of enterprises. It shows that the high underpricing of IPO in China is mainly due to the investors' enthusiasm in the secondary market and the high closing price on the first day. The low pricing in the primary market is not the main reason for this phenomenon. Finally, on the basis of summarizing the research results of this paper, the paper puts forward some suggestions from three aspects: promoting the development of venture capital, investors' rational investment and the development of gem market.
【学位授予单位】：重庆工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

【参考文献】